Find out Now If you even QUALIFY for a Loan Workout Solution. Post Your Situation

[LoanModHelpCenter.com]

NEW: Updates HAMP TIER 2 5/17/2013

We have decided to post a thread here on loansafe to help out people here on the forum that really might be trying for a modification and have no idea, that they are already in a much better situation then a modification could help with.

So many times we find out after having done thousands of complimentary income and property analysis that the mortgage is not the problem.

Using a REST Loan Disposition Servicer Software Analysis from www.RestReportMatters.com/loansafe is a great idea when looking into modification, however first you need to determine if it would even be a benefit to you in the first place.

So we decided this thread would do just that.

We have turned down so many loansafe.org members who wanted a RESTReportMatters.com Loan Disposition Servicer Software Analysis, as it would not be a benefit to them for a modification, since they made too much income, or too little, or didn't have a proven hardship, or had more than 25% equity, these folks would not benefit from a purchase, unless they wanted to prove that a short sale or foreclosure had a higher NPV than a modification so they could pick those option.

We will not allow anyone to obtain a REST Loan Disposition Servicer Software Analysis that we believe would not benefit from it.

Below is a thread on THE RESTReportMatters.com users and results, so you can look into it for yourself to see the outcomes of real life users and results.

We do offer no upfront fee loan mod service that goes hand in hand with the servicer software license, product bundle and live support that are described at the order page or you can email michael via loansafe@loanmodhelpcenter.com to get your own analysis started or for your own clients without upfront fees for setup.

Please keep all REST Loan Disposition Servicer Software Analysis QUESTIONS in this thread here on loansafe:

REST Report "RESTReportMatters.com Forum Users and Results"

In addition, something very important to realize when looking into a modification is the monthly household budget, and we use your HUD certified budget that you do with a non-profit counselor as the basis for some of our inputs, and can help you correct budget issues as part of our support, or prepare a new one with you if you don't want to work with a HUD counselor for this important part of a modification review.

You can have a perfect scenario for modification however if the budget is not a "cash flow solvent" budget as opposed to an "insolvent" and balanced budget, to the widely accepted statistical norms and household allowances, you could be denied for having too much debt or excessive monthly obligations in relation to income, or having too much of a surplus.

You can save yourself time and a phone call by posting the following information or emailing the below information to loansafe@loanmodhelpcenter.com.

***A modification is not a way to get a refinance and will impact your credit so if you are not late because of hardship, and can't prove an income decline hardship or expense hardship that is long term, then you should reconsider a modification attempt.

Please us this format only and let us know the urgency of your situation so we can prioritize scenarios depending on proven hardship:

EMAIL ME THE FOLLOWING OR POST UPDATED 5/17/2013 TO LOANSAFE@LOANMODHELPCENTER.COM

1. Loan Balance Now=
2. Past Due if any=
3. Gross Monthly Income for Borrower and Co Borrower=
4. Mortgage Payment without taxes and insurance (do not include taxes and insurance) =
5. Real Estate Taxes per month=
6. Hazard Insurance and/or HOA per month=
7. Home Value (check zillow.com or chase home value estimator)=
8. Mortgage servicer and Investor (check if fannie or freddie or MERS below links)
9. Other monthly debt payment total for credit cards and collections =
10. Current interest rate =
11. Fixed Rate or Adjustable Rate? =
12. Have you been modified before? if so, what date? =
13. When did you get this loan, what year? =
14. If you own any other properties, it is best to set an appointment to discuss =

Also, the full inputs needed to run your own full analysis using the OPTIONAL servicer software we sell, is found on the first post in the RESTReportMatters.com users and results thread found here if you want to save yourself time in getting your results faster and at a lower cost REST Report "RESTReportMatters.com Forum Users and Results"

Does Fannie Mae Own Your Mortgage? Loan Lookup Tool- Fannie Mae Look up

http://www.freddiemac.com/mymortgage- Freddie Mac Look up

if not fannie or freddie, look up your loan at MERS:

https://www.mers-servicerid.org

Qualifying for a modification:

· Spending more than 31% of your gross income on PITIA or are more than 60 days past due or soon will be
· Having enough income to support a mod is critical, too much income and you don't qualify and too little you don't qualify
· No documented hardship makes getting mod more difficult as a mod is not a refinance

How your modification is figured out:

NEW as of 5/17/2013: Calculate payment of between 10% to 55% of gross income using benchmark freddie mac market survey rate plus 0.500% addition to rate for risk premium and amortize 1st mortgage loan amount with past due if any for up to 480 months if necessary, with a target payment of 31% housing PITI to gross income ratio if possible using a rate of as low as the floor rate of 2% as first option. This new payment must fit the targeted debt-to-income (DTI) ratio and is dependent on other credit reported debt liabilities for a total debt to income ratio of 55% to 65%. Review for principal reduction using alternative published loan modification waterfall techniques with principal reduction as first step down to 115% of market value from several online sources.

Reduce the interest rate in 0.125% increments to find a payment that is as close to the targeted DTI as possible. However, the lender does not have to go below a 2% interest rate.

If the targeted 10% to 55% housing to income (31% is preferred for most servicers) ratio goal cannot be reached, the length of the loan may be extended to be up to 40 years long.

If the 31% goal still cannot be met, the lender can, but does not have to, start to forbear or forgive principle. Forbearance is done by Fannie and Freddie and other servicers as a last resort and means a specific amount will be due in one payment at the end of the loan. Forgiveness means that the principal and/or past due is written off.

email loansafe@loanmodhelpcenter.com to get started on your own no upfront fee loan mod if you want professionals to do the loan mod service work for you.

Michael (listen to my radio pod cast here)
http://www.loanmodhelpcenter.com
email me for an appointment with the 14 inputs above at loansafe@loanmodhelpcenter.com OR CALL IN WITH THE 14 INPUTS AT 855-678-6690 OR LOCAL 619-202-0044

[diesillady]

1. Loan Balance=$222198
2. Past Due= $7452
3. Gross Income=$78000
4. Mortgage Payment=$1366
5. Taxes= $141
6. Insurance=$69
7. Home Value=$113k+-5k
8. Investor= Bank of New York/ B of A service the loan
Currently in a 3rd month of a 5 payment HAMP plan, my payments are $1491.36.
I really have no idea where they got that amount from but not willing to pay them anymore.

[dab68]

1. Loan Balance=$218,056.00
2. Past Due=$38,86.00
3. Gross Income=$3,324.00
4. Mortgage Payment=$1,398.97
5. Taxes=$236.00
6. Insurance=$55.27
7. Home Value=$222,000.00 Per County assessors office$215,000.00 Per Chase when I tried to refi in 2009
   
8. Investor=Freddie Mac
   

[LoanModHelpCenter.com]

1. Loan Balance=$222198
2. Past Due= $7452
3. Gross Income=$78000
4. Mortgage Payment=$1366
5. Taxes= $141
6. Insurance=$69
7. Home Value=$113k+-5k
8. Investor= Bank of New York/ B of A service the loan
Currently in a 3rd month of a 5 payment HAMP plan, my payments are $1491.36.
I really have no idea where they got that amount from but not willing to pay them anymore.

Wow.... yes they 100% for sure don't have that income on file for whatever reason, kif they did you payment would be deemed more than affordable. 1366 divide by 6500 you would already be at 20%... Keep us posted on how your HAMP mod comes out. Glad you got one. Good work.

With that situation you would need about half as much income 3300-3500

[LoanModHelpCenter.com]

1. Loan Balance=$218,056.00
2. Past Due=$38,86.00
3. Gross Income=$3,324.00
4. Mortgage Payment=$1,398.97
5. Taxes=$236.00
6. Insurance=$55.27
7. Home Value=$222,000.00 Per County assessors office$215,000.00 Per Chase when I tried to refi in 2009
   
8. Investor=Freddie Mac
   

@Dab

You situation is great spending 42% of your gross income on your mortgage payment, and your income does support a mod in a perfect world for 2% over 40 year term you would need 3500 gross income, in order to hit the floors. With that being said, im using numbers from your mouth, not from the bank. Ususally gatheriing the NPV inputs right away same day is the best. Anyways... You look great and are over 31%, and do have enough income to support a mod

How has it been going thus far getting a mod? You should be at a payment of 774.37 w/ TI = 1066.14 In my experience, and opinion. Not a huge savings but, at the same time you are already behind and just getting current again will save you all the money you have no paid. Good luck, any questions let me know.

[dab68]

Well thanks Charlie for your quick response...This is about my third attempt to try for Mod. The last time I tried was with my husbands unemployment> I was denied in Dec of 2010. I since have gotten a divorce and have tried on my own with income form a pension ssi and child support. Will they up the ssdi income to 125%? Will this help? I got the home in the divorce and have filed a quit claim deed brought up all the hoa fees current.

However....being that I am a nice X-wife I have allowed my X-husband to remain in the home with me. I have wondered if I do not meet the Mod, Can I have my X pay me rent and use this toward income? If so How do I do this? I am told as of April 12th per my Relationship manager at Chase, that I have gone to underwriting.
Another question....I have just gotten word from my bank that my debit card has been used by someone and I have been racking up fees for insufficient funds on my checking acct. This is just a mess now. I wonder when it comes time for me to update my bank records if they (Chase) will freak when they see the fees. My bank is looking into the matter and told me they will reimburse the fees after an investigation. Also how would I know really what my home is worth? Do I go by the last appraisal from Chase or the county assessors. office.

[LoanModHelpCenter.com]

Yes you can figure out what income you need and use him as a renter no problem, as long as he is not on the loan. SSI will be grossed up x 1.25% you can give us a call ill use what your numbers would be to see if it makes sense, and see first if you should need more income, this way you do not keep getitng denied we see people that get denied 2-3-4x then use product, and realize finally that servicers really have no desier to modify the loan as they make more dragging out the process, and letting home goto forelcosure. I have no problem looking at the would be new numbers, anytime here or you can give me a call. You were denied 1st time for unemployment there is a HAMP-UP program, but sounds like unemployment will not be an issue this time.

[diesillady]

Wow.... yes they 100% for sure don't have that income on file for whatever reason, kif they did you payment would be deemed more than affordable. 1366 divide by 6500 you would already be at 20%... Keep us posted on how your HAMP mod comes out. Glad you got one. Good work.

With that situation you would need about half as much income 3300-3500

Yes the note is affordable and my house is nice. However the value of the property and the adjustable rate loan or not. I have done all the number and it not to my best interest to stay in this house. The neighborhood is mostly investor owners now with some renter from hell and only a few old head left. I don't think my home value will reach par in the next 15 years so basically we are renters also.

[LoanModHelpCenter.com]

as long as you looked at all your numbers, that is all the matters. Do what you feel is right, good luck and keep us posted.

[ChaseIt]

[QUOTE][Qualifiying for a modiifcation:

• Spending more than 31% of your gross income on P/I
• Having enough income to support a mod
• Negative Equity if Not a Fannie or Freddie

/QUOTE]
Hi Charlie,

I have a Fannie Mae loan and have about $25,000 negative on my home.

Are you saying that Fannie loans are exempt from getting loan mods if you have negative equity?

I read somewhere else on the forum that you said Fannie and Freddie love the REST REPORT.

Could you please confirm when you have time - I know you are a really busy guy - but thanks for helping so many people here - it is wonderful to have someone who is so knowledgable about this whole loan mod mess.

Thanks, Jane

[LoanModHelpCenter.com]

Fannie mae and Freddie Mac do not require you to have negative equity. Yes, actually just got off the phone with cperry here on loansafe who used rest report, we just called Fannie Mae together, they are the investor, so they love to see how they are going to make more money by modifying the loan, and also they are aware servicers make more on foreclosure, so there is the obvious conflict of interest. Servicers work under a PSA that states they must work in the best interest of the investor, but how would you prove that they did not try? Now you can. I would go direct to Fannie, we get mod packages out in 3-5 days typically if its Fannie Mae, we only offer a product and can't by law offer a service. So we support our product. Kinda crazy but have to follow the rules. Have any questions, let me know! I would be more than happy to point you in the right direction. I am not here to only offer a REST REPORT, granted i personally think its the best thing in the world, I still help anyone with anything. Thanks for the kind words.

[feebee]

Loan Balance=$141,967.29
Past Due=$10,236.86
Gross Income=$4,500
Mortgage Payment= was $1,298 escrow reduced so now $1,145 as of May 1,2011
Taxes= Included in payment
Insurance=Included in payment
Home Value=$130,000
Investor=FHA--US Bank

Ok here is some background. Purchased home in March 2009 (so making home affordable not an option). Separated in June 2009, Divorced in December 2009. Missed some payments via struggle with ex-husband. Ex-husband did not make payments as agreed per divorce settlement and refused to give up property interest. Payments were 3 months behind. In July 2010 ex-husband filed Ch 13. I brought mortgage current. Received a statement from US Bank that next payment was due 10/2010. Made 10/2010 payment and 11/2010 payment. In December 2010 I receive a mortgage statement but there is no info for next post petition payment. I contact US Bank and was informed that payment was being made via trustee. I contact ex-husband and he has no idea. Contact US Bank again and get no information. Back and forth ensues and meanwhile no payments were made by my ex-husband or the trustee. Prior to 12/2010 I had made the payments. End of February I receive notice from US Bank's attorney to lift the bankruptcy stay and foreclose on my ex-husband's interest in the property. My ex redoes his Ch 13 paperwork and claims 0% interest in the property. I contact an attorney, still cannot figure this out. US Bank has finally sent me a workout package. Foreclosure process starts May 10, 2011.

My escrow account was previously overcharged. I need to pay the past due amount and then US Bank must refund me $1,500.

Sorry for the long post, this is long confusing and frustrating.

I should also mention I am the co-borrower on the loan, but I was told this did not matter.

[RKMESB]

1. Loan Balance= 369,400
   
2. Past Due= approx. 34,000
   
3. Gross Income= 69,000
   
4. Mortgage Payment=2154 (int. only)
   
5. Taxes=5445
6. Insurance=640
7. Home Value=217000
8. Investor=FannieMae

Just discharged yesterday from CH 7 BK (not because of excessive debt but a 2nd lien holder from an investment property trying to sue). Trustee sale scheduled May 31. We tried before the BK to get loan mod paperwork from the bank (B of A) but they refused to send it to us because we had received a NTS. We had sent paperwork months earlier with no success. Thanks.

[vadimm]

1. Loan Balance=240k 2. Past Due=0 3. Gross Income=2700 4. Mortgage Payment=1850 5. Taxes=escrow 6. Insurance=escrow 7. Home Value=224k 8. Investor= GMAC

[dcrc49]

loan balance 295,875 past due 0, gross income 5000,payment1634 escrow 442 value 365,000, 50 year balloon 2037 200,000 nationstar 6.25%

[RobbieSF]

1. Loan Balance=$635000 (2 loans 1st loan $515000)
   
2. Past Due=$13000 (1st loan only)
   
3. Gross Income=$120000
4. Mortgage Payment=$3000 (1st loan only)
   
5. Taxes=$8000
6. Insurance=$6000 (hoa fees)
   
7. Home Value=$580000 (est)
   
8. Investor=BOA (main loan), GMAC (2nd loan)
   

My situation is actually pretty grim as I'm also locked in a lawsuit for predatory lending with the lenders (probably did everything wrong in going to an attorney for a $6k fee but here I am). BOA seems not to want to do a loan mod while the lawsuit is going on through my attorney is trying to work on that as part of a settlement with their attorneys -- though that seems to be spinning in circles.

[Scarlett]

This is great thank you...so if I may, here are my numbers. We are current but won't be much longer!
1.loan balance=417,000
2.past due= 0
3.gross=5,400 (I think self employed)
4.Mort payment=2126
5.taxes=404
6.Insurance=82
7.Home value=404,000
8.investor=Fannie M and Chase-servicer

[LoanModHelpCenter.com]

Just got home, will make sure I answer every post first thing in the morning. Hope you all had a great Easter. Sorry for the delay.

[ad2001]

1. Loan Balance= $244078 fficeffice" />>>
2. Past Due= $2311 >>
3. Gross Income= $85000/year >>
4. Mortgage Payment= $2311 (includes escrow for taxes and insurance) >>
5. Taxes= in escrow>>
6. Insurance= in escrow>>
7. Home Value= 247680 (county assessor assessment) >>
8. Investor= GMAC>>
FHA loan originated after January 2009. So far we have been making the payments, but with great difficulty because the mortgage payment was increased with $500 last year (due to property tax increase). In addition we have a significant amount of other debts, and get even more into debt every month, because after we pay the mortgage there is little left. This month we failed to pay because of other bills and applied for modification. >>

[traymerz]

Thanks so much for helping!
Here are our numbers:

1. Loan Balance= $208,900 - we also have a HELOC with $24,175 balance-but are only working on modifying the first right now.
   
2. Past Due= 2 months (about $3700)
   
3. Gross Income= $40,000/yr salary (probably about $3000-5000 in commission/yr, but new job so not sure)
   

4. $1367. 12 principal and interest $507.92 escrow total monthly payment $1875.04

1. Taxes= in monthly payment
   
2. Insurance=
   
3. Home Value= $250,000
   
4. Investor=Fannie Mae

thanks so much for your help.
Tracey

[LoanModHelpCenter.com]

Loan Balance=$141,967.29
Past Due=$10,236.86
Gross Income=$4,500
Mortgage Payment= was $1,298 escrow reduced so now $1,145 as of May 1,2011
Taxes= Included in payment
Insurance=Included in payment
Home Value=$130,000
Investor=FHA--US Bank

Ok here is some background. Purchased home in March 2009 (so making home affordable not an option). Separated in June 2009, Divorced in December 2009. Missed some payments via struggle with ex-husband. Ex-husband did not make payments as agreed per divorce settlement and refused to give up property interest. Payments were 3 months behind. In July 2010 ex-husband filed Ch 13. I brought mortgage current. Received a statement from US Bank that next payment was due 10/2010. Made 10/2010 payment and 11/2010 payment. In December 2010 I receive a mortgage statement but there is no info for next post petition payment. I contact US Bank and was informed that payment was being made via trustee. I contact ex-husband and he has no idea. Contact US Bank again and get no information. Back and forth ensues and meanwhile no payments were made by my ex-husband or the trustee. Prior to 12/2010 I had made the payments. End of February I receive notice from US Bank's attorney to lift the bankruptcy stay and foreclose on my ex-husband's interest in the property. My ex redoes his Ch 13 paperwork and claims 0% interest in the property. I contact an attorney, still cannot figure this out. US Bank has finally sent me a workout package. Foreclosure process starts May 10, 2011.

My escrow account was previously overcharged. I need to pay the past due amount and then US Bank must refund me $1,500.

Sorry for the long post, this is long confusing and frustrating.

I should also mention I am the co-borrower on the loan, but I was told this did not matter.

I need Taxes and Insurance broke down from the Mortgage payment, for my system. I could look up taxes but dont have address, so please provide taxes / insurance.

[feebee]

I need Taxes and Insurance broke down from the Mortgage payment, for my system. I could look up taxes but dont have address, so please provide taxes / insurance.

Here is the payment breakdown (new payment as of May 1, 2011 due to escrow adjusting down)
PI=819.98 (FHA 5.5% fixed)
Taxes=183.43
Ins=83.75
PMI/MIP=57.96

[LoanModHelpCenter.com]

1. Loan Balance= 369,400
   
2. Past Due= approx. 34,000
   
3. Gross Income= 69,000
   
4. Mortgage Payment=2154 (int. only)
   
5. Taxes=5445
6. Insurance=640
7. Home Value=217000
8. Investor=FannieMae

Just discharged yesterday from CH 7 BK (not because of excessive debt but a 2nd lien holder from an investment property trying to sue). Trustee sale scheduled May 31. We tried before the BK to get loan mod paperwork from the bank (B of A) but they refused to send it to us because we had received a NTS. We had sent paperwork months earlier with no success. Thanks.

BofA and Fannie Mae have been great. 1219.57 with your Taxes insurance 1726.32 around there give or take

You are spending more than 31%, and you do have enough income to support a mod. I would look into the REST REPORT being that you do not have a bunch of time. In my experience right out of BK the servicer trys to pick up right where they left off. You could have a sale dat in 15-20 days. It will allow you to go direct to investor showing they will make more money by modification vs foreclosure.

Fannie Mae is 1 of my personal Fav's ..... Really look good, just servicer games.

[LoanModHelpCenter.com]

1. Loan Balance=240k 2. Past Due=0 3. Gross Income=2700 4. Mortgage Payment=1850 5. Taxes=escrow 6. Insurance=escrow 7. Home Value=224k 8. Investor= GMAC

With Taxes and insurace, being that you did not seperate it it looks like you would need more income but i can't tell until takexx and insurance are broken down. GMAC is a good servicer as far as getting modified.

[LoanModHelpCenter.com]

loan balance 295,875 past due 0, gross income 5000,payment1634 escrow 442 value 365,000, 50 year balloon 2037 200,000 nationstar 6.25%

Right off the bat you are already at 32% of your gross income giving you maybe 1% reduction if it went to 31%... You are current. I would say unless your income changes not much you can do. Im very honest, and you would not be a good person to modify, being your current. If your income changes, by 1000 or so, it might make your situation look better for a mod.

[LoanModHelpCenter.com]

1. Loan Balance=$635000 (2 loans 1st loan $515000)
   
2. Past Due=$13000 (1st loan only)
   
3. Gross Income=$120000
4. Mortgage Payment=$3000 (1st loan only)
   
5. Taxes=$8000
6. Insurance=$6000 (hoa fees)
   
7. Home Value=$580000 (est)
   
8. Investor=BOA (main loan), GMAC (2nd loan)
   

My situation is actually pretty grim as I'm also locked in a lawsuit for predatory lending with the lenders (probably did everything wrong in going to an attorney for a $6k fee but here I am). BOA seems not to want to do a loan mod while the lawsuit is going on through my attorney is trying to work on that as part of a settlement with their attorneys -- though that seems to be spinning in circles.

I hope your not talking about the Mass joinder where they are removing stein and making them account for every penny paid for the law suit. If its that.... well that suit is not looking great. AS i personally know they approached us to sell that suit, and it was 6000 with a 3000 or 2000 commision back to us after client paid. I do not get involved with that kind of nonsense, and this is why. At first it looked good, now not so much. Get your money back.. USE A CARD? Call them if no refund call your card HOPE YOU paid by card....

Your situation

Already at 30% with that income, and unless your income went around 8500-9000 there really is no reason to modify the loan. Being that the first alone has Equity, that is a interesting situation as well. If the sold the home, they could recover all of the 1st. anything changes let me know.

[LoanModHelpCenter.com]

This is great thank you...so if I may, here are my numbers. We are current but won't be much longer!
1.loan balance=417,000
2.past due= 0
3.gross=5,400 (I think self employed)
4.Mort payment=2126
5.taxes=404
6.Insurance=82
7.Home value=404,000
8.investor=Fannie M and Chase-servicer

Your income seems to be ok, maybe a bit short might require or will require a principal forbearance reduction... You should be around 1746.68 payment wise PITI....

You are self employed, that allows you much more room to do your budget and income vs expenses...Also you have Fannie who is great Home value is close, but Fannie does not look at the equity or possible equity in this case.

[RobbieSF]

Oops, sorry, I wasn't clear. This is a 5 year, no money down, interest-only ARM which is about to reset next month (which is why I'm freaking out). I don't know exactly the amount when it resets but I'm expecting it to jump about $2k (or more).

I'm not in the mass joinder stein lawsuit. I'm a single plaintiff in a predatory lending lawsuit that is over a year old. I have to say the attorney has been competent in filing the complaint, amending, answering demurrers, etc. (I'm sure normal legal fees would have surpassed the retainer long ago.) I do sometimes regret going the litigation route but, hey, I am where I am.

I hope your not talking about the Mass joinder where they are removing stein and making them account for every penny paid for the law suit. If its that.... well that suit is not looking great. AS i personally know they approached us to sell that suit, and it was 6000 with a 3000 or 2000 commision back to us after client paid. I do not get involved with that kind of nonsense, and this is why. At first it looked good, now not so much. Get your money back.. USE A CARD? Call them if no refund call your card HOPE YOU paid by card....

Your situation

Already at 30% with that income, and unless your income went around 8500-9000 there really is no reason to modify the loan. Being that the first alone has Equity, that is a interesting situation as well. If the sold the home, they could recover all of the 1st. anything changes let me know.

[jenny98387]

1. Loan Balance= $247,517.40
2. Past Due= $794.09
3. Gross Income= $73,000.00
4. Mortgage Payment= $1,940.81
5. Taxes= $205.13
6. Insurance= $79.25
7. Home Value= $173,000.00
8. Investor= Fannie Mae
9. PMI = $200.47

I added PMI, I don't know if that is relevent. My payment amount is interest only. I divided my yearly insurance and taxes by 12 to come up with those numbers. My actual payment breakdown is:
Escrow = $496.96
Interest Payment = $1,443.85
My servicer is Bank of America.

[ad2001]

Revised post:

1. Loan Balance= $244078
2. Past Due= $2311
3. Gross Income= $85000/year
4. Mortgage Payment= $1382.62 (principal & interest)
5. Taxes= $601.46
6. Insurance= $61.83
7. Home Value= $247680 (county assessor assessment)
8. Investor= GMAC
9. Escrow also includes: FHA risk based PMI = $110.43; escrow shortage installments = $ 154.68. Total escrow payment = $928.41; Total monthly payment = $2311.03

FHA loan originated May 2009. So far we have been making the payments, but with great difficulty because the mortgage payment was increased with $500 last year (due to property tax increase). In addition we have a significant amount of other debts, and get even more into debt every month, because after we pay the mortgage there is little left. This month we failed to pay because of other bills and applied for modification.

[FeelingFree]

Hi Charlie,

Thanks for doing this. I'll give it a try.

1. Loan Balance=617,535
2. Past Due=21,682
3. Gross Income=126,000 W/2
   
4. Mortgage Payment= $2250.00 I/O
   
5. Taxes=317
6. Insurance=115
7. Home Value=311,000
8. Investor=Don't Know. Indymac Servicer

Thank You
FF

[LoanModHelpCenter.com]

1. Loan Balance= $244078 fficeffice" />>>
2. Past Due= $2311 >>
3. Gross Income= $85000/year >>
4. Mortgage Payment= $2311 (includes escrow for taxes and insurance) >>
5. Taxes= in escrow>>
6. Insurance= in escrow>>
7. Home Value= 247680 (county assessor assessment) >>
8. Investor= GMAC>>
FHA loan originated after January 2009. So far we have been making the payments, but with great difficulty because the mortgage payment was increased with $500 last year (due to property tax increase). In addition we have a significant amount of other debts, and get even more into debt every month, because after we pay the mortgage there is little left. This month we failed to pay because of other bills and applied for modification. >>

Your income is way to much for a modification they would say you can afford your payment 1382 divide by 7083 GROSS is already 19%... and you are just 1 payment behind. A modification is not in your best interest. Seems the mortgage is not the problem, look into debt settlement or maybe talk to a lawyer about BK. the income and mortgage not the problem if you have a hardship i would say its expenses.

If your income was around 4500-5500 then it would look good.

[feebee]

Loan Balance=$141,967.29
Past Due=$10,236.86
Gross Income=$4,500
Mortgage Payment= was $1,298 escrow reduced so now $1,145 as of May 1,2011
Taxes= Included in payment
Insurance=Included in payment
Home Value=$130,000
Investor=FHA--US Bank
Here is the payment breakdown (new payment as of May 1, 2011 due to escrow adjusting down)
PI=819.98 (FHA 5.5% fixed)
Taxes=183.43
Ins=83.75
PMI/MIP=57.96
Ok here is some background. Purchased home in March 2009 (so making home affordable not an option). Separated in June 2009, Divorced in December 2009. Missed some payments via struggle with ex-husband. Ex-husband did not make payments as agreed per divorce settlement and refused to give up property interest. Payments were 3 months behind. In July 2010 ex-husband filed Ch 13. I brought mortgage current. Received a statement from US Bank that next payment was due 10/2010. Made 10/2010 payment and 11/2010 payment. In December 2010 I receive a mortgage statement but there is no info for next post petition payment. I contact US Bank and was informed that payment was being made via trustee. I contact ex-husband and he has no idea. Contact US Bank again and get no information. Back and forth ensues and meanwhile no payments were made by my ex-husband or the trustee. Prior to 12/2010 I had made the payments. End of February I receive notice from US Bank's attorney to lift the bankruptcy stay and foreclose on my ex-husband's interest in the property. My ex redoes his Ch 13 paperwork and claims 0% interest in the property. I contact an attorney, still cannot figure this out. US Bank has finally sent me a workout package. Foreclosure process starts May 10, 2011.

My escrow account was previously overcharged. I need to pay the past due amount and then US Bank must refund me $1,500.

Sorry for the long post, this is long confusing and frustrating.

I should also mention I am the co-borrower on the loan, but I was told this did not matter.

Sorry this is a repost, I added the payment breakout at the top, thank you!

[LoanModHelpCenter.com]

1. Loan Balance= $247,517.40
2. Past Due= $794.09
3. Gross Income= $73,000.00
4. Mortgage Payment= $1,940.81
5. Taxes= $205.13
6. Insurance= $79.25
7. Home Value= $173,000.00
8. Investor= Fannie Mae
9. PMI = $200.47

I added PMI, I don't know if that is relevent. My payment amount is interest only. I divided my yearly insurance and taxes by 12 to come up with those numbers. My actual payment breakdown is:
Escrow = $496.96
Interest Payment = $1,443.85
My servicer is Bank of America.

6083 gross income you are already 23%... if you had income around 3500 then it would be payment about 1035 + your PMI....

So with that being said stay current, and look at what else is making you feel your mortgage is not affordable.

[LoanModHelpCenter.com]

Sorry this is a repost, I added the payment breakout at the top, thank you!

Your gross income is to much income, for a mod they will see it affordable as well... FHA would goto 5% usually but if you were over 31%... you are at 18%... Looking into modification to get the past due on the back of the loan is fine but your payment will go up, however you will be current. You can look at CAP mod. Im telling you the bank will say your payment is affordable, I hate the banks and am 10000% on your side, just being honest here.

[LoanModHelpCenter.com]

Hi Charlie,

Thanks for doing this. I'll give it a try.

1. Loan Balance=617,535
2. Past Due=21,682
3. Gross Income=126,000 W/2
   
4. Mortgage Payment= $2250.00 I/O
   
5. Taxes=317
6. Insurance=115
7. Home Value=311,000
8. Investor=Don't Know. Indymac Servicer

Thank You
FF

One West In one of the BEST now, in being receptive to the REST REPORT... have a look

From: Bui, Quyen [mailto:Quyen.Bui@owb.com]
Sent: Friday, December 3, 2010 10:38 AM
To: joshua
Subject: RE: *****: E-mail to forward to IndyMac

Joshua,

Thank you for the information. This is confirmation that we received the REST report on 11/22/10. In addition, a HAMP trial period plan was sent on 11/24/10 to his mailing address (PO Box 20***). This offer is good till 12/28/10. Please be advised this trial period plan is the first step in order to obtain a permanent HAMP modification. Acceptance and completion of the trial plan does not guaranty a permanent modification. During the trial period, we will review Mr. ***** loan for a possible permanent modification. Please refer to the terms and conditions on the trial period plan for more details and if you have any questions, you may contact 866-362-0108.

Quyen Bui
Associate Analyst
Corporate Customer Experience
OneWest Bank, FSB
Ph: 626-535-2573
Fax: 626-535-4113
Email:quyen.bui@owb.com

You would be brought current but payment would go to 3255 PITI or around there, however the past due would go on the back of the loan, and you would be current. If you were current I would tell you you make to much income, again if it makes sense... to you for that payment they would do it. Hope that helps and your W2.. thats your income, not much room there.

[feebee]

Your gross income is to much income, for a mod they will see it affordable as well... FHA would goto 5% usually but if you were over 31%... you are at 18%... Looking into modification to get the past due on the back of the loan is fine but your payment will go up, however you will be current. You can look at CAP mod. Im telling you the bank will say your payment is affordable, I hate the banks and am 10000% on your side, just being honest here.

Thanks for the info. I guess I will wait to see what they say. On the back end I am over 55% so I am not sure if they will even modify at this point. I just got a raise so prior income was much less which is how I ended up here. Thank you for the assesment. They did ask about take home pay vs gross, which in my case is significantly different due to taxes and deductions. I am single and no children so I pay a large portiion of my income to taxes. Medical and dental are relatively low. Net pay usually ends up around $2900. I suppose they don't take this into account.

[Liza09]

This is a great thread. Thank you for taking the time to do it.

Once you qualify a person based on their numbers and they decide they would like a REST Report to support their mod request, what is the next step? How far in advance of applying for a HAMP can/should the REST Report be run and when should the lender be notified the borrower wants to request a HAMP loan? (before or after the REST Report is run)

[FeelingFree]

Thank You Charlie and Dave!

Really appreciate it!!

FF

[LoanModHelpCenter.com]

This is a great thread. Thank you for taking the time to do it.

Once you qualify a person based on their numbers and they decide they would like a REST Report to support their mod request, what is the next step? How far in advance of applying for a HAMP can/should the REST Report be run and when should the lender be notified the borrower wants to request a HAMP loan? (before or after the REST Report is run)

In the event that the initial numbers make sense IE: Spending more than 31% Have Negative Equity unless Fannie Freddie, which in that case does not matter. Last Have enough income to support a modification.

Next Step:

We do a 3 way call with you and your servicer, dont worry you don't have to talk to them. We do and spend 10-15 minutes gathering the NPV inputs from the horses mouth. After that call if the numbers all still jive, then you would get the REPORT, and be scheduled for your Budget with our Budget specialist who uses a CRISIS Budget and balances the budget with statistical norms and household allowances.

Getting the report in my opinion is the first tep of looking into a modification, It is the only way to shed light on the subject and remove the uncertainty in 24-48 hours. We can re-run the report as many times as needed once its paid for. So if we run it and it shows you need 36.24 more income, we can fix that. I use that number because i have seen 7$ and 36.24 which would be just sad to wait 12-14 months to find out you did not qualify and never realize you were so close. The bank never tells you WHY, they just say Sorry you don't qualify. The lender shoudl get the report the day you get it in your hot little hands. With the REPORT you will get submission instructions for the servicer and your investor as well as template cover letter requesting the terms on (pagexx) showing the investor will come out on top.

Any other questions feel free to ask.

@FeelingFree Anytime!!.. Glad you got to chat with DAVE he went through a nightmare himself. Great guy